Early stage genomics businesses are the focus of Illumina Ventures’ first fund. Launched last year as the investment arm of biotech business Illumina, the firm has raised $230 million for the first fund, according to a news release.
So far the fund has made investments in seven early stage companies.
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Illumina Ventures Founder Nicholas Naclerio responded to questions about its investment strategy and funding priorities in an email.
He said the fund invests in life science tools, clinical diagnostics, therapeutics, and other opportunities to improve human health. Asked for more specific targets, Naclerio listed synthetic biology, proteomics, precision medicine, novel approaches to drug discovery and development enabled by genomics, application of NGS beyond genomics.
Although Naclerio’s team has looked at a number of opportunities related to gene editing, they have yet to find an investment that they like.
“It’s a great time to be investing in genomics. Rapid advances in both sequencing technology and our understanding of the human genome are creating lots of opportunities to build exciting companies. Many of our portfolio companies are pursuing approaches that would not have been practical or even possible five years ago. We like to back great teams with technology platforms that have broad applicability across multiple markets opportunities.”
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The plan is to invest in 15-20 companies at the Series A and B stage with selective investments at the Seed level. So far, Illuminia Ventures has backed seven.
Encoded Genomics, led by CEO Stephanie Tagliatela, is also part of Springboard Enterprises’ Health Innovation Hub. Its core technology is a sequencing-based approach to identify and repurpose non-coding regulatory elements for targeted gene delivery. It is also a graduate of Illumina’s accelerator.
Genome Medical wants to address the genetic counselor shortage by making it easier to access them by phone or video conference. CEO Lisa Alderson cofounded the business.
Kallyope, which emerged from stealth in 2015 is building a new drug development platform focused on the connection between the brain and the stomach with new small molecule medicines, and nutritional products. It is led by Nancy Thornberry.
Twist Bioscience, led by Emily Leproust, conducts DNA synthesis on a scale that significantly outpaces the current standard, building tailor-made DNA strands in cheaper and faster ways.
Biota Technology, DNA Script, and SerImmune, are also in the fund’s portfolio.
Asked to name a development in genomics that has given him hope in the past year and one development that’s a cause for concern, Naclerio answered this way:
“It seems like every week there are new discoveries about how the microbiome affects human health. While it is still early, we think this will create lots of opportunities. On the concern side, adoption of some precision medicine approaches has been limited by a lack of reimbursement and slow physician adoption. One of our portfolio companies, Genome Medical, is pioneering a new business model to speed adoption of genome-based diagnostics.”
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